Paycheck Protection Program (PPP)

Waters Announces Over $1 Billion in Paycheck Protection Program Loans

Congresswoman Maxine Waters (CA-43), Chairwoman of the House Financial Services Committee, released a district data sheet which summarizes Paycheck Protection Program (PPP) data provided by the Small Business Administration (SBA) regarding loans made to businesses in Gardena, Harbor City, Hawthorne, Inglewood, Lawndale, Lomita, Los Angeles, Playa Vista, and Torrance. Over one billion dollars in PPP loans were awarded to 10,750 businesses within Congresswoman Waters’ congressional district.

Bank of America Receives Approval for 265,500 SBA Paycheck Protection Program Loans to Date for Small Businesses

Bank of America announced today that it has received Small Business Administration (SBA) loan approvals for 265,500 small businesses under the SBA’s Paycheck Protection Program (PPP). This represents $24.9 billion in needed relief for small businesses. More than 256,000 of these small businesses have received a loan number since the SBA reopened the PPP funding on April 27.

Chase approved to fund about $29 billion to 239,000 businesses

JPMorgan Chase announced today that it has received approval for an additional 211,000 loans through “Round Two” of the Paycheck Protection Program (PPP), totaling about $15 billion to its small business customers. In total, the firm is expected to fund about $29 billion to over 239,000 businesses under the PPP since its inception a little over three weeks ago, helping to support 3 million employees. More specifically about JPMorgan Chase’s lending through the PPP: ·         The average loan amount is $123,000 ·         About 50% of the loans went to companies with fewer than 5 employees ·         Over 75% of the

Congresswoman Maxine Waters Leads Efforts to Secure Coronavirus Relief Funding for Small, Minority & Women Owned Businesses

In the interim emergency relief package that was recently signed into law and replenished the Paycheck Protection Program (PPP) with $310 billion, Congresswoman Maxine Waters (CA-43), chair of the House Financial Services Committee, led the fight to target $60 billion of those funds towards small, minority, and women-owned businesses. The bill, which is known as the Paycheck Protection Program and Health Care Enhancement Act (H.R. 266), also provides $50 billion for Small Business Administration disaster funding, translating into more than $350 billion in small business loans and $10 billion in emergency disaster grants.

Congressional Black Caucus Leads Discussion on Resources for Small Businesses

As days go by, Americans are learning that billion-dollar corporations are receiving funding from the Paycheck Protection Program which was intended to provide Federal Government assistance to help small businesses due to COVID- 19.   The $349 Billion Paycheck Protection Program designed for small businesses, was depleted within two weeks with thousands of small business not receiving any of the funds. Meanwhile, large restaurant chains Shake Shack and the parent company of Ruth’s Chris Steak House, benefited millions from the program. Both companies have since returned the funding. However, over 200 corporations have decided to keep the funding, including Bennett

Harris, Colleagues Urge Administration to Take Action to Ensure Paycheck Protection Program (PPP) Funds Reach Small Businesses

U.S. Senator Kamala D. Harris (D-CA) on Monday joined Senator Amy Klobuchar (D-MN) and 20 of their colleagues in writing a letter to Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza, calling on the Administration to develop strong supervisory mechanisms to identify instances of unjust enrichment and ensure that Paycheck Protection Program (PPP) funds reach struggling small businesses who truly need the money. Recent reports indicate that the initial distribution of the $350 billion in funding was not limited to struggling small businesses and has unjustly enriched some owners whose businesses have not been subject to the same financial strain – crowding out more deserving applicants.

California Small Businesses Struggle While Waiting for Stimulus Aid

M’Dears Bakery & Bistro fills the air in its South Los Angeles neighborhood with smells of fried chicken, French toast, and homemade desserts. “It was very serendipitous,” said 66-year-old restaurant owner Carrie Reese about how she transitioned from a vendor at jazz festivals to opening a dine-in restaurant at 77th and Western Avenue.